v3.26.1
Homebuilding Senior Notes and Other Debts Payable
 3 Months Ended
Feb. 28, 2026
Debt Disclosure [Abstract]  
Homebuilding Senior Notes and Other Debts Payable Homebuilding Senior Notes and Other Debts Payable
(Dollars in thousands)At February 28, 2026At November 30, 2025
Unsecured delayed draw term loan facility due 2028$1,710,000 1,710,000 
5.25% senior notes due 2026
400,304 400,608 
5.00% senior notes due 2027
350,494 350,590 
4.75% senior notes due 2027
698,990 698,845 
5.20% senior notes due 2030
694,478 694,165 
Mortgage notes on land and other debt211,193 230,478 
$4,065,459 4,084,686 
The carrying amounts of the senior notes in the table above are net of debt issuance costs of $6.5 million and $7.0 million as of February 28, 2026 and November 30, 2025, respectively.
In May 2025, the Company also entered into a new unsecured delayed draw term loan facility with an initial committed borrowing availability of approximately $1.6 billion (the “Delayed Draw Term Loan Facility”), which can be increased by an additional $500 million via an accordion feature. In July 2025, the total commitment under the Delayed Draw Term Loan Facility was increased by $100 million, thereby increasing the borrowing available capacity to $1.7 billion. Once drawn, the Company may at any time prepay the loan, in whole or in part, without premium or penalty. The term loan’s maturity date is three years from the initial effectiveness date of the credit agreement or May 2028, and at the Company’s discretion, it can be extended for an additional year until May 2029, subject to the satisfaction of certain conditions. Under the Delayed Draw Term Loan Facility, interest rates equal the adjusted term SOFR determined for the interest period plus the applicable margin. As of February 28, 2026, the Company had outstanding borrowings of $1.7 billion under the credit agreement governing its new unsecured Delayed Draw Term Loan Facility.
The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:
(In thousands)At February 28, 2026
Commitments - maturing in May 2027$225,000 
Commitments - maturing in November 20292,900,000 
Total commitments$3,125,000 
Accordion feature375,000 
Total maximum borrowings capacity$3,500,000 
The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $477.5 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2025 Form 10-K. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.
The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2025 Form 10-K. The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)At February 28, 2026At November 30, 2025
Performance letters of credit$2,039,975 1,963,643 
Financial letters of credit853,997 926,304 
Surety bonds5,646,906 5,614,807 
Anticipated future costs primarily for site improvements related to performance surety bonds3,114,409 3,056,582 
The Company's outstanding senior notes are guaranteed by certain of its wholly-owned subsidiaries, which are primarily homebuilding subsidiaries. These guarantees are full and unconditional. The guarantors of the Company's senior notes are currently those subsidiaries that also guarantee the Company's letter of credit facilities, its Credit Facility and Delayed Draw Term Loan Facility. Under the indentures governing the Company's senior notes, guarantees may be suspended or released under certain circumstances. Other than as set forth in the Supplemental Financial Information, the terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2025 Form 10-K.